A $7.6 billion federal program designed to help homeowners facing foreclosure won’t reach nearly as many homeowners as originally intended, a government watchdog reported Tuesday.

The U.S. Treasury’s Hardest Hit Fund distributed money in 2010 to 18 states and the District of Columbia where home prices and employment were plummeting. At the time the states said they would reach nearly 547,000 homeowners, but repeated downward revisions from participating states has lowered that estimate by nearly a third to 367,000.

“Treasury is refusing to hold itself or the states accountable to any goal of the number of homeowners to be assisted in (the Hardest Hit Fund), and the result has been that the program is reaching far fewer homeowners than the states expected in 2011,” the special inspector general for the Troubled Asset Relief Program wrote in a report to Congress.

But there is one notable exception: Oregon, which received $220 million under the program, says it will reach 15,280 homeowners, up from an original estimate of 9,400.

Did you participate in an Oregon Homeownership Stabilization Initiative program? How did it work for you? Contact the reporter.Oregon is also a leader in getting that money out the door. Oregon Housing and Community Service, the state housing finance agency, has so far spent 48 percent of the money on Oregon Homeownership Stabilization Initiative programs that reached 8,500 homeowners. Another 12 percent has been spent on the programs’ administrative costs with 11 percent held as cash-on-hand.

Collectively the participating states have distributed only 22 percent of their funds to homeowners. They also had lower overhead, however, spending only 4 percent of funds on administrative costs.

Oregon’s programs had a rough start. The state paid $1.7 million to 242 homeowners it later determined did not qualify for assistance. The state has also developed programs that saw little or no participation and were unfunded.

But its more successful programs have been expanded to reach more homeowners. The state has temporarily made mortgage payments for unemployed workers and helped past-due homeowners catch up on payments.

It recently started a program to help underwater homeowners refinance into a lower mortgage rate and decrease their monthly payments, but had refinanced no loans as of June.

The Hardest Hit Fund allocated money through December 2017, after which states must return unused funds. So far, $4.9 billion (or 65 percent) of the funds are unused. In Oregon, $65 million remains undrawn.